Global Insurance Accelerator (GIA), a Des Moines, Iowa-based business accelerator focused on developing and growing innovative insurtech startups, added two new insurance companies to the eight insurers* who already invested in the program.
EMC Insurance Companies (EMC) of Des Moines, Iowa, and Markel Corporation (Markel) of Richmond, Va., have confirmed annual investments in the GIA, which help fund a seed investment in insurtech startups accepted into the GIA program going forward.
As investors, EMC and Markel also commit staff and company expertise to mentor startups through the early stages of business growth, potential launch situations, recruiting and onboarding initial customers, and seeking additional funding.
Now in its third year, GIA is focused solely on the insurance industry and home to more than 80 insurance companies and tens of thousands of insurance professionals.
Selected startups participating in its annual “cohort” are invited to Des Moines for a 100-day program, which provides business support, education and assessment from program mentors, and exposure to insurance company professionals, industry influencers and potential additional investors as well.
The program culminates each year in April by providing startups the opportunity to pitch live onstage at the Global Insurance Symposium.
The GIA investors have an opportunity to acquire a financial stake in some of the top insurtech startups in the country and participate as mentors and engage in startups’ early business and product evolution.
As a part of the GIA, insurer investors are exposed to the newest industry-specific technology trends ahead of competitors, and, are therefore better able to evaluate future engagement with, and potential investment in, emerging technologies.
The GIA is now accepting applications for its third cohort, happening mid-January through April 2017. Startups can apply at www.globalinsuranceaccelerator.com. The application deadline is 9 a.m. CST, Nov. 7.
* American Equity Investment Life Holding Company, Delta Dental Plans Association, Farm Bureau Financial Services, Farmers Mutual Hail Insurance of Iowa, Grinnell Mutual Reinsurance Company, IMT Insurance Company, Mutual of Omaha Insurance Company and Principal Financial Group